Eicher Motors

Feb 15, 2023

Ebitda margin at Royal Enfield and VE Commercial Vehicles came in at 23.9% and 6.8%. 8:18 AM IST, 15 Feb 2023 8:18 AM IST, 15 Feb 2023 8:18 AM IST, 15 Feb 2023 Save ADVERTISEMENT BQ Prime’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy. BQ Prime’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy. Systematix Research Report Eicher Motors Ltd.’s Q3 FY23 Ebitda was inline with consensus but below our estimates owing to lower benefits from commodity costs correction for the quarter. Ebitda margin at Royal Enfield and VE Commercial Vehicles Ltd. came in at 23.9% (up 20 basis points QoQ) and 6.8% (up 80 bps QoQ), respectively. For Royal Enfield, management indicated that Hunter350 continues to see robust demand and new launches (Super Meteor 650 launched in Q3) should further support volumes. Network expansion and improved product portfolio in export markets are yielding positive results; exports now account for 18% of the topline versus 5% a few years back. We see signs of the two wheeler industry bottoming out, after a sharp slowdown post BS-VI transition, with consistently higher demand in the premium segment. Click on the attachment to read the full report: Systematix Eicher Motors Q3FY23 Results Review.pdf View Document